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#BinanceSquareFamily This is as a form of protection for the community and as a preventive step for legal protection and potential losses from activities without permits in Indonesia," Kasan replied to Tempo via WhatsApp on Thursday, July 18, 2024.
In addition, Bappebti coordinates with the Ministry of Communication and Information related to the blocking of domain websites of entities or other social media. This is because there are entities that have not obtained approval or official permits from Bappebti to conduct physical asset trading of cryptocurrencies in Indonesia.
Thus, according to Kasan, blocking the Instagram social media is one of the necessary steps. "We, as the regulatory authority for cryptocurrency trading domestically, fully support the steps taken by the Ministry of Communication and Information. All blocked entities are companies that do not have business permits domestically and are therefore considered to be in violation."
Bappebti also emphasized that the purpose of blocking these entities is to maintain the conducive nature of the cryptocurrency market industry in Indonesia, especially for entities that already have official licenses to ensure their competitiveness remains intact.
Previously, the blocking of cryptocurrency trading companies is not the first time for Binance and Kucoin. It was reported on March 9, 2023, that Kucoin was reported for violations of securities laws to the Attorney General of New York.